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Sep 30, 2022
CryoPort Q3 2022 Earnings Report
Cryoport experienced macroeconomic headwinds during Q3 2022, impacting revenue despite growth in key areas like Cryoport Systems and clinical trial support.
Key Takeaways
Cryoport's Q3 2022 revenue increased by 7% year-over-year to $60.5 million, but was impacted by macroeconomic headwinds. The company is revising its full-year 2022 revenue guidance to $232-$238 million. Despite these challenges, Cryoport saw growth in key areas and is optimistic about future growth with new products and services launching in 2023.
Total revenue for Q3 2022 was $60.5 million, a 7% increase compared to Q3 2021.
Gross margin for Q3 2022 was 43.7%, up from 41.5% in Q3 2021.
The company supported nine commercial therapies and 643 global clinical trials as of September 30, 2022.
Revised full-year 2022 revenue guidance is $232 million to $238 million.
CryoPort
CryoPort
Forward Guidance
The Company’s revised revenue guidance for the full year 2022 is $232 - $238 million, and will be driven primarily by the growth from our support of global clinical trials and commercially launched therapies from our cell and gene therapy clients; growth in temperature-controlled logistics for the life sciences industry; and demand for our cryogenic systems solutions.
Positive Outlook
- Growth from support of global clinical trials.
- Growth from commercially launched therapies from cell and gene therapy clients.
- Growth in temperature-controlled logistics for the life sciences industry.
- Demand for cryogenic systems solutions.
Challenges Ahead
- Ongoing and prolonged COVID-19 pandemic and related shut downs globally.
- Supply chain constraints.
- Inflationary pressures.
- Economic uncertainty.
- Effects of foreign currency fluctuations.